The US dollar rate in Pakistan further increased by Re0.8 (08 paisa) against Pakistani rupee to Rs278.04 in the interbank market on Thursday (Nov 28) as per the State Bank of Pakistan (SBP).
On Wednesday, the rupee closed at 277.96, according to data from the State Bank of Pakistan (SBP).
Globally, the euro maintained its strongest gain in four months on Thursday, driven by hawkish comments from a central bank policymaker. Meanwhile, the yen advanced toward its best performance in three months amid rising speculation that Japan might increase interest rates in December.
These movements slowed the dollar's recent rebound, with trading activity expected to thin for the remainder of the week due to the US Thanksgiving holiday.
Traders attributed the dollar's decline to a reduction in corporate dollar purchases after fulfilling month-end requirements. As a result, the dollar weakened broadly, with the US dollar index dropping nearly 0.8% overnight to 106.13.
Additionally, US Treasury yields fell overnight, further pressuring the dollar. This followed data showing the US personal consumption expenditure rose 0.2% month-on-month, aligning with market expectations.
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